The US’ largest public-listed dry bulk shipowner Star Bulk stayed firmly in the red in the first quarter of the year.

Star Bulk reported a first quarter net loss of $48.79m compared to a loss of $40.18m in the same period in 2015. Losses in Q1 2016 were outstripped revenues of $46.3m for the first three months of the year. In Q1 2015 Star Bulk reported revenues of $45.5m.

The steep losses coincided with a period where the dry bulk shipping markets fell to the lowest levels on record.

“The first quarter of 2016 was the worst of the last 30 years, as freight rates remained below operating costs and vessel values reached new lows across all dry bulk vessel classes,” Petros Pappas ceo of Star Bulk commented.

With the dry market not expected to recover substantially until the second half of 2017 according to analysts Star Bulk is looking to ensure it has enough cash to sustain operations over the coming years.

“In the last few months we have entered into negotiations with our banks, with which we have long standing relationships, to defer principal payments and waive or substantially relax financial covenants, so as to preserve liquidity well into 2019,” Pappas said.

While negotiations are fianlised Star Bulk has standstill agreements covering debt principal repayments as well as certain covenants with its lenders until 31 August this year.

Star Bulk had a fleet of 70 dry bulk vessels on the water as of 29 June and five newbuildings on order for delivery in 2017 and 2018.